Republicans have proposed cutting this year’s spending by $61 billion, while the White House and Senate Democrats are working on a plan that would reduce spending by $30 billion. All of the GOP cuts would be to discretionary spending, while most of the cuts in the Democratic proposal would be to discretionary spending.

Nelson said that when American families fall on hard times they don't just cut out small parts of their budgets like going out-to-dinner or to movies but are forced to make “wholesale sacrifice.”

He also compared the federal government's deficit to a company going into bankruptcy. He said it was necessary to cut back on more than office supplies and salaries.

“We can't just focus on slicing, but that is the conversation going on,” Nelson said. “Slicing one small part of the budget, which is discretionary spending, because that’s not going reduce the annual deficit and get at the national debt. We have got to do more."